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Thursday, January 18, 2018

Born into a business family has its perks, one of which is never to worry about funds you need to achieve your goals. For most of my growing up days, I never envisioned my long-term goals and thus failed to plan my investments accordingly. For every rupee that I made, there was always something that I wanted to spend it on, the very same day; and of course, whenever a larger need arose, my go-to fund would be my parents. However over the years, I realised that many of my friends were saving their earnings, but in the most traditional manner without any systematic or logical plan. And that reinforced my belief in the fact that saving is good, but not connecting it to a goal is a bad idea. As much as I love the tranquillity of our farmhouse, I don’t see myself retiring to it in the near future. I see myself doing over a dozen of things before even contemplating retirement. Travelling the world with my better half, raising my children, buying a house, publishing a book, starting a charity, are just a few #LifeGoals I want to accomplish before hanging my boots. However, these goals will remain mere dreams if I align them with the traditional mode of investment, those that are safe but do not do anything with my money and provide returns which are negligible.

With my lack of knowledge in the field of financial investments has pushed me to understand the field a little better. Although I prefer to rely on the experts, I also want to be knowledgeable and thus I made my way to Bajaj Allianz’s Blogger Meet held in Mumbai earlier this month. The concepts of investment, goals and the power of staying invested that I learnt, were nothing that can be taught in any classroom. The most important factor that drives financial planning can be viewed in two parts - planning and investing. Planning requires goal identification, time duration, and frequency while investing requires plan identification and resources in hand. Yes, it does sound pretty heavy duty, but once you align your goals with your resources it becomes very easy to achieve what you want. Since the meet, my aim has been to categorise and prioritise my goals into short, mid and long-term goals, so that I can identify the most suitable investment product to help me achieve them without much difficulty. As Tarun Chaugh, MD and CEO of Bajaj Allianz put it in very simple words during his address at the meet, it is important to know what you want to do with your money and how you want your financial future to look like, and these two things are completely in your own hands. Instead of working hard, set goals and plan your investment so that your money can work for you instead.Taking advice from the best in the business, I’m going back to the drawing board to chalk out a plan and build on my long-term #LifeGoals with Bajaj Allianz ULIPs. The investment tool is a non-participating, individual unit-linked, regular or limited premium payment endowment insurance plan that also provides security and ensures growth to meet all my future financial goals. ULIPs help me #InvestBefikar as they play a vital role not only as an investment tool but also as an insurance cover. A part of the premium is parked in risk protection while the other is invested in generating funds. Over the years the way the financial community has offered ULIPs have undergone a huge change beginning with the ease in diversification as per the investor’s risk appetite and preferred choice of tool, the Fund Management Charges that are now as low as 0.95% to the flexibility to change payment terms and frequency. Yes, its a lot to plan for, and I shall share with you my investment roadmap and the products I’m opting for in the coming weeks, so stay tuned for the next instalment of my investment plans. Until next time, ~ Heena

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